Homebuilder confidence has seen a substantial improvement in the month of July, according to a report released by the National Association of Home Builders on Tuesday, with the index of homebuilder confidence rising to a new five-year high.
The report showed that the NAHB /Wells Fargo Housing Market Index jumped to 35 in July from 29 in June, marking the biggest monthly increase in nearly a decade. Economists had expected the index to edge up to a reading of 30.
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